BNL · Broadstone Net Lease, Inc.
$21.15
+0.37 (+1.78%)
At close · Aug 19
View the 10-K filed Feb 19, 2026
Customer concentration
— top 10 customers 21.1% of revenue
10 customers — 21.1% of revenue (as of December 31, 2025)
“If one or more of our top 10 tenants, which together represented approximately 21.1% of our ABR as of December 31, 2025, suffers a downturn in their business, it could materially and adversely affect us.”
One customer — 3.9% of revenue (as of December 31, 2025)
“Our largest tenant is Roskam Baking Company, which leases seven properties that in the aggregate represent approximately 3.9% of our ABR.”
Market Cap
$3.99B
Shares
191.89M
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$21.15
Open$20.57
Day$20.57–21.15
52W close$17.11–22.84
Avg vol 30d2.2M
Short int11.6M · 6.0% float · 6.9d
Short vol80%
Last earningsJul 30, 2026
DataSep 2020–Aug 2026
Filing10-Q · Jul 29
Up next
Next earnings call
Oct 29, 2026
Est · unconfirmed
· in 10 wks
FQ3-26 quarter ends
~Sep 30, 2026
Est
filed Jul 29, 2026
AI Brief
TL;DR.
Bullish
Bearish
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Rating
blended score · not investment adviceOverall
Buy
SellHoldBuy
Technical
Neutral
Momentum
Neutral
Sentiment
Bullish
Fundamentals
Strong
Quant / Vol
Very Low
Market backdrop
VIX 14.9 · calm
Equity put/call 0.52
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
+8%
above
Price vs 50-day avg
−1%
below
RSI (14)
47
neutral
MACD trend
Negative
52-week position
71%
mid-range
Volume (OBV)
Confirms
volume backs price
Momentum
relative strength
1-month return
−7%
trailing
6-month return
+9%
trailing
YTD return
+22%
this year
Relative strength
−3%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $21 › 200d $20 — 50d above 200d
Institutional flow
Accumulating
+7% holders QoQ · +66 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Falling
6.03% of float · ▼ -6.6% MoM · 6.9 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
376 holders — near 3-yr high, broad support
Squeeze score
57
elevated · 0–100
Fundamentals
Revenue growth
+5%
Y/Y
EPS growth
−42%
Y/Y
Free cash flow
$269.8M
Valuation
P/E 27.3
below peers
Buyback
$150.0M
authorized
Balance sheet
$2.5B
net debt
Quant / Vol
risk profile
Volatility
19%
annualized · 1-yr
Max drawdown
−10%
past year
ATR
2.1%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Latest guidance
· from the 8-K filed Jul 29, 2026
AFFO per diluted share
· 2026
Non-GAAP
$1.55 – $1.57
Investments in real estate properties
· 2026
$600M – $800M
Dispositions of real estate properties
· 2026
$100M – $150M
Total core general and administrative expenses
· 2026
$30M – $31M
Prior guidance
period ended
· from the 8-K filed Oct 29, 2025
AFFO per diluted share
· full-year 2025
$1.49 – $1.50
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Neutral
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
+8%
Bullish
Price vs 50-day avg
−1%
Neutral
RSI (14)
47
Neutral
MACD trend
Negative
Bearish
52-week position
71%
Neutral
Volume (OBV)
Confirms
Neutral
Market signals — smart money & positioning
Bullish · 3 of 6
Trend (MA cross)
No cross
50d $21 › 200d $20 — 50d above 200d
Institutional flow
Accumulating
+7% holders QoQ · +66 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Falling
6.03% of float · ▼ -6.6% MoM · 6.9 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
376 holders — near 3-yr high, broad support
Price context
position in its 52-week range
Range low $17
Now $21 · 71%
Range high $23
vs 200-day avg +8%
vs 50-day avg -1%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| ABR weighted average annual rent increase | 2.1% | Q2 2026 | — |
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| ABR weighted average lease term | 9.3 | Q2 2026 | — |
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| Adjusted Cash NOI non-GAAP | $110.02M | Three Months Ended June 30 | — |
| Adjusted EBITDAre non-GAAP | $104.98M | Three Months Ended June 30 | — |
GAAP → non-GAAP reconciliationGAAP EBITDAre 106.04M
+540K Adjustment for current quarter investment activity
-327K Adjustment for current quarter disposition activity
+36K Adjustment to exclude non-recurring and other expenses
+0K Adjustment to exclude net write-offs of accrued rental income
-1.29M Adjustment to exclude realized / unrealized foreign exchange (gain) loss
+0K Adjustment to exclude cost of debt extinguishment
-25K Adjustment to exclude other income from real estate transactions
= Adjusted EBITDAre 104.98M
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| Adjusted Net Operating Income non-GAAP | $116.87M | Three Months Ended June 30 | — |
| AFFO non-GAAP | $155.06M | Six Months Ended June 30, 2026 | — |
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| AFFO per diluted share non-GAAP | $0.77 | Six Months Ended June 30, 2026 | — |
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| Annualized Adjusted Cash NOI non-GAAP | $440.08M | Three Months Ended June 30 | — |
| Annualized Adjusted EBITDAre non-GAAP | $419.92M | Three Months Ended June 30 | — |
| Annualized Adjusted NOI non-GAAP | $467.46M | Three Months Ended June 30 | — |
| Annualized EBITDAre non-GAAP | $424.18M | Three Months Ended June 30 | — |
| Brands | 195 | June 30, 2026 | — |
| Build-to-suit and redevelopment total investments | $77.62M | Q2 2026 | — |
| Build-to-suits investments | $77.33M | Q2 2026 | — |
| Canadian Provinces | 4 | June 30, 2026 | — |
| Commercial tenants | 206 | Q2 2026 | — |
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| Core FFO non-GAAP | 78.53M | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP FFO 79.83M
+0K Net write-offs of accrued rental income
-25K Other non-core income from real estate transactions
+24K Non-capitalized demolition and other costs
+0K Cost of debt extinguishment
+11K Severance and employee transition costs
-1.31M Other (income) expenses
= Core FFO 78.53M
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| Core FFO per diluted share non-GAAP | $0.39 | Three Months Ended June 30, 2026 | — |
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| Core general and administrative expenses non-GAAP | $7.3M | Q2 2026 | — |
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| EBITDAre non-GAAP | $106.04M | Three Months Ended June 30 | — |
GAAP → non-GAAP reconciliationGAAP EBITDA 115.49M
+3.55M Provision for impairment of investment in rental properties
-12.99M Gain on sale of real estate
= EBITDAre 106.04M
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| FFO non-GAAP | 79.83M | Three Months Ended June 30, 2026 | — |
| FFO per diluted share non-GAAP | $0.4 | Three Months Ended June 30, 2026 | — |
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| Industries | 56 | June 30, 2026 | — |
| Number of properties | 766 | as of June 30, 2026 | — |
| Portfolio leased | 100% | Q2 2026 | — |
| Pro Forma Adjusted EBITDAre non-GAAP | $108.75M | Three Months Ended June 30 | — |
GAAP → non-GAAP reconciliationGAAP Adjusted EBITDAre 104.98M
+3.77M Estimated revenues from developments
= Pro Forma Adjusted EBITDAre 108.75M
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| Pro Forma Annualized Adjusted EBITDAre non-GAAP | $434.98M | Three Months Ended June 30 | — |
| Pro Forma Net Debt non-GAAP | $2.55B | June 30, 2026 | — |
| Properties located in U.S. states | 759 | as of June 30, 2026 | — |
| Q2 2026 Number of disposition properties | 9 | Q2 2026 | — |
| Q2 2026 Weighted average cash cap rate on tenanted properties (dispositions) | 6.4% | Q2 2026 | — |
| Rent collection | 99.9% | Q2 2026 | — |
| Rentable square feet | 41.7M | Q2 2026 | — |
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| Revenue generating capital expenditures - Investments | $404K | Q2 2026 | — |
| Same store rental revenue | 189.88M | Six Months Ended June 30, 2026 | — |
| Same store rental revenue growth | 2.6% | Six Months Ended June 30, 2026 | — |
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| Top 10 tenant concentration | 20.8% | June 30, 2026 | — |
| Top 20 tenant concentration | 34.4% | June 30, 2026 | — |
| Total initial cash capitalization rate | 11.3% | Q2 2026 | — |
| Total investments (investment activity) | $91.49M | Q2 2026 | — |
| Total weighted average annual rent increase | 2.2% | Q2 2026 | — |
| Total weighted average lease term (years) | 13.6 | Q2 2026 | — |
| Transitional capital Investments | $13.46M | Q2 2026 | — |
| U.S. States | 44 | June 30, 2026 | — |
| Weighted Average Debt Maturity | 3.9 | June 30, 2026 | — |
| Weighted Average Effective Swap Maturity | 2.9 | June 30, 2026 | — |
| YTD 2026 Total investments (investment activity) | $263.38M | YTD 2026 | — |
| Pro Forma Net Debt to Annualized Adjusted EBITDAre non-GAAP | 5.8 | full year 2025 | — |
| Properties owned | 771 | Q4 FY2025 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Diversified — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
BNL
this stock
Broadstone Net Lease, Inc.
|
$3.99B | +21.8% | +5.2% | 27.3 | 6.0% |
|
VICI
Vici Properties Inc.
|
$28.53B | -6.2% | +4.1% | 10.0 | 2.3% |
|
WPC
W. P. Carey Inc.
|
$16.18B | +11.8% | +8.4% | — | 3.6% |
|
GNL
Global Net Lease, Inc.
|
$1.90B | +4.8% | -13.1% | — | 5.3% |
|
AAT
American Assets Trust, Inc.
|
$1.39B | +20.4% | -4.7% | 77.9 | 1.8% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Financials
Filings
Earnings & Events
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| BNL | +0.4% | -6.8% | +9.0% | -1.2% | +21.8% |
| SPY | -0.4% | +2.9% | +11.6% | +3.0% | +12.8% |
| vs SPY | +0.8% | -9.7% | -2.6% | -4.2% | +9.0% |
Capital returns
Latest dividend
$0.293
/ share · ex Jun 30, 2026
Declared · upcoming
$0.2925
/ share · ex Sep 30, 2026
Paid (TTM)
$1.166
/ share · 4 payouts
Dividend yield (TTM, derived)
5.51%
Buyback program
· as of Feb 13, 2026
Authorized
$150.00M
Spent (derived)
—
Remaining
—
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
Key facts
CIK
1424182
CUSIP
11135E203
13F (30d)
351 filings
340 filers
Visit website
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